Security Deposit
In real property law, the interest in real property that is left after another interest in the property ends, such as full title after a life estate (the right to use the property until one dies). a remainder must be created by a deed or will. example: patricia parent deeds happy acres ranch to her sister sally for life and upon sally’s death to charla childers, sally’s daughter, or charla’s children if she does not survive. charla has a remainder, and her children have a “contingent remainder,” which they will receive if charla dies before title passes. a remainder is distinguished from a “reversion,” which gives title back to the grantor of the property (upon sally’s death, in the example) or to the grantor’s descendants; a reversion need not be spelled out in a deed or will, but can occur automatically by “operation of law.”
